Afterpay has introduced a new loyalty program, Pulse that incentivises and rewards customers who pay for their purchases on time and spend responsibly.

Unlike credit card schemes or other BNPL offerings which reward consumers for increasing their spending, Afterpay rewards responsible spending.

In 2020 alone, over 90% of Afterpay’s global customers have linked a debit card to their Afterpay account to make purchases. This is supported by Reserve Bank data that shows the number of credit cards in the market has fallen by 7% over the past year.

By offering Pulse, Afterpay is rewarding consumers for paying in a way they prefer, with their debit cards – while also discouraging the use of credit with interest and fees.

Available to all eligible Australia and New Zealand customers, Pulse will deliver the following benefits ahead of the Christmas period: no initial payment upfront online, and for the first time, instore. This means when customers make a purchase, their first installment will be paid two weeks from the purchase, both online and instore. In addition, a customer will be able to change up to six payment dates per calendar year on existing orders.

“Until today, loyalty programs across our industry have encouraged excessive spending – leaving no options for those shoppers who want to spend responsibly and avoid expensive fees and extended debt,” Afterpay co-founder and CEO, Anthony Eisen said.  

“We built Pulse to fulfill a need and offer a program in which both consumers and retailers benefit. This approach is fundamental to our mission and values as a company to do the right thing by our customers by encouraging financial wellness and powering an economy where everyone wins.”

Pulse gives retail partners an opportunity to reach highly engaged, high frequency Millennial and Gen Z shoppers who prefer Afterpay and spend responsibly.

Eligible Australia and New Zealand customers, who have paid their last 15 payments on time over the past six months, receive a notification inviting them to join the Pulse program.

To encourage responsible spending, Afterpay sends out reminders days prior to a payment due date so that customers can avoid paying a capped late payment. Reminders will continue for Pulse members and if they incur over three late payments whilst part of the program, they will lose access to the program.